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Answers (8)
- Jay Phou, "res99"
- Contributions:1
Yes. We offer score down to 530.
With a risk score like require good asset and income. Any question email me [contact info removed by moderator due to self-promotion]
- Scot King, "PacificWestCapital"
- Contributions:45
I have a lender in this situation with manual underwrites to lower scores. You can't have any derogs for the last 12 months though. The first responder is correct, and it's always better, if you have time on your hands, to try to improve your credit score. It will save you money over the long run. Ask whoever pulled your credit trimerge if they have a what if analyzer through their credit agency. These can give you helpful insights into what to do to improve your scores.
- Michael Brazier, "W. Town Savings Bank"
- Contributions:55
580 score via FHA will put you in the 6-6.5% range with higher fees. Like others have said specific lenders are demanding 620 and above which will allow you to pursue much more aggressive FHA programs in terms of pricing and lower fees. Any broker/loan officer worth their salt can review your credit and give you the road map to the 620 score, it might be much easier then you think. Some of the better ones will offer you a rescore of your credit after reviewing it for you. Good luck
Let me know if this helps.
Let me know if this helps.
- Harold Sharpe, "So Cal Homes Realty"
- Contributions:143
- Virginia Callaway, "ladyva05"
- Contributions:92
- Michael Mullin, "WA and CA FHA Expert"
- Contributions:369
There are 2-3 lenders left offering FHA loans down to a 580 credit score - but the reality is it is very tough to qualify because normally the circumstances that caused you to have that low of a score are the circumstances that will cause the lender to deny your loan. In other words, the FICO score is just one of many criteria we have to look at in analyzing your loan.
Your best bet would be to make a formal loan application and pay the $16 credit report fee. Maybe you can get approved now and maybe not - at least you'd find out. The worst that happens is the mortgage professional you work with can help you structure your credit (and Tony is correct, there are often quick steps you can take) so that your score moves up over the 620 FICO limit that is the generally accepted minimum.
Your best bet would be to make a formal loan application and pay the $16 credit report fee. Maybe you can get approved now and maybe not - at least you'd find out. The worst that happens is the mortgage professional you work with can help you structure your credit (and Tony is correct, there are often quick steps you can take) so that your score moves up over the 620 FICO limit that is the generally accepted minimum.
- Patrick O'Connell, "VIP Mortgage Inc."
- Contributions:19
FHA just increased the minimum FICO requirement to 580. Most lenders have placed their own minimum FICO requiriement at 620 - 640. I have 2 banks that I broker loans to who still have the minimum FICO requirement at 580. That doesn't mean you will get approved. I'd be happy to review your situation in more detail. Feel free to contact me.
- Tony Gim, "tonygim"
- Contributions:158
Sorry, no.
However, you have a very good chance of getting a 700+ FICO score if you study 8-24 hours of all the material available on the Internet and then do exactly as suggested. It may not take all that long. The main cause of low FICO scores is having any credit card balance higher than 25% of the card limit and not paying your monthly bills early. Pay all bills 5 days before they are due and 21 days before they are late.
However, you have a very good chance of getting a 700+ FICO score if you study 8-24 hours of all the material available on the Internet and then do exactly as suggested. It may not take all that long. The main cause of low FICO scores is having any credit card balance higher than 25% of the card limit and not paying your monthly bills early. Pay all bills 5 days before they are due and 21 days before they are late.
I have a credit score of 591, can I get an FHA loan?
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